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Individual Retirement Account (IRA)

Individual Retirement Account (IRA) Definition

A self-directed, tax-deferred retirement investment account established by employed workers who earn a salary, wage, or self-employment income. An IRA account can be with a bank, mutual fund, insurance company, or another trustee. Deposits for traditional IRAs are tax deductible and the investment earnings in the account are not taxable until withdrawn. Different rules apply depending on the type of IRA account.

RELATED TERMS
Retirement
Roth IRA
RELATED CATEGORIES
Retirement Planning
Taxes







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